DENVER, Aug. 14, 2014 /PRNewswire/ -- The Broe Group (Broe), a Denver-based affiliate of its family of investing and operating real estate, transportation, and energy companies, today announced the purchase of 9601 Blackwell Road, a 120,000 square foot Class A property adjacent to the Shady Grove Adventist Hospital campus in Rockville, MD. Previously utilized as a general office building, Broe has renamed the property Shady Grove Medical Pavilion and plans to re-position it as a premier medical office project within the Shady Grove Life Sciences Center.
"We're very excited about this purchase," said Jim Crawford, vice president of acquisitions at Broe Real Estate. "We believe this building is a hidden gem in the marketplace with an irreplaceable location and beautiful Class A finishes that will allow us to attract quality medical tenants to the community."
Broe is no stranger to the medical office arena – in its history its managed affiliates have owned more than 50 medical office buildings across the country, totaling in excess of 2.5 million square feet. Broe has selected medical office specialists Chuck Feitel and Leonard Brown with Health-Pro Realty Group to lease the building. They have also selected Donna Kay and her team at Avison and Young to manage the asset. Both leasing and management teams have more than 20 years of related medical real estate experience in the D.C. area.
"This property presents an exceptional opportunity for tenants seeking premier Class A space in the heart of Rockville's medical community," said Feitel. "There is pent up demand for high quality medical space in the immediate area and Shady Grove Medical Pavilion is perfectly positioned to provide tenants with close proximity to the hospital and amenities, Class A finishes and experienced management."
Broe Real Estate plans for investment of substantial capital into the Shady Grove Medical Pavilion to further differentiate the property and provide long-term value to medical tenants in the Rockville area.
More information about the property can be found at www.shadygrovemedical.com
About The Broe Group
Headquartered in Denver, Col., Pat Broe founded what would become his namesake company in 1972. Today, the managed affiliates of The Broe Group employ nearly 1,000 people and own or control a multi-billion dollar portfolio of real estate, railroads, energy (oil & gas), and tech investments. Its transportation affiliate, OmniTRAX, Inc., is one of the largest privately held railroad companies in North America and its energy affiliate, Great Western Oil & Gas Company, LLC, operates a $1B oil and gas drilling program.
More information about The Broe Group can be found at broe.com/about-the-broe-group/
Claude Pumilia, Chief Operating Officer
The Broe Group
- Health Care Industry
- Real Estate